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Bangalore: IT major Wipro has tightened internal control in the finance division after it was noticed that one of its employees embezzled crores of rupees in the last three years. The employee, who was working in the 'controllership' division within the finance department in the last three years, stole a password and transferred funds from Wipro's account at a bank, reports M.V. Ramsurya and Pankaj Mishra of Economic Times.

Suresh C Senapaty, Wipro's CFO has also confirmed the incident. "This has been a case of embezzlement, which we discovered in December, and it's very unfortunate that this person succumbed to this," he said. According to him, the company has carried out an investigation and is undertaking actions with respect to stricter adherence to processes.

Following this, Wipro has disbanded the controllership unit. Wipro officials have succeeded in recovering about half the money, but will still face a loss of about $2 million. The CFO said the incident did not involve more than one Wipro employee. "Our investigations have revealed that only this employee was involved, and nobody else in the team had any clue," Senapaty said.

Article Source : Wipro employee commits $4 Million fraud